Edit filter log

'{{Infobox company | name = Swift Transportation | logo = [[Image:SWIFT LOGO gif tiny.gif]] | image = [[File:SWIFT_container.jpeg|300px|frameless]] | type = [[Public company|Public]] | traded_as = {{nyse|SWFT}} | foundation = 1966 | location = [[Phoenix, Arizona]], United States | key_people = [[Richard Stocking]] {{small|(CEO)}} | num_employees = 17,700-<ref name=P424B4-2010-12-17/> | industry = Motor transportation<br>OTR [[trucking]] | products = Truckload carrier | homepage = [http://www.swifttrans.com/ www.swifttrans.com] }} [[File:Largest_domestic_53_foot_container_companies.png|303px|thumb|right|[[Largest domestic 53 foot container companies (fleet size)]]]] '''Swift Transportation''' is a [[Phoenix, Arizona]]-based publicly held [[United States|American]] [[Truckload shipping|truckload motor shipping carrier]]. With over 16,000 trucks, it is one of the largest common carrier in the United States. In 2017, Swift announced that it was merging with Knight Transportation, also of Phoenix, to be called Knight-Swift.<ref name="SwiftMergeFox">{{cite news|title=Truckers Swift and Knight Combine in a Deal Valued Over $5B|url=http://www.foxbusiness.com/markets/2017/04/10/truckers-swift-and-knight-combine-in-deal-valued-over-5b.html|accessdate=10 April 2017|date=10 April 2017}}</ref> ==About== Carl Moyes was a [[truck driver]] hauling produce for [[C. R. England Trucking]] in the 1940s out of northern [[Utah]].<ref name=DemossJ-OSE-2005-01-30>Demoss, Jeff. - "Four major trucking firms have roots in Plain City". - ''[[Ogden Standard-Examiner]]''. - January 30, 2005. - Retrieved: 2008-07-30</ref> In the late 1950s Betty and Carl Moyes started a small trucking company in [[Plain City, Utah]], B & C Truck Leasing, and after their son, Jerry, graduated from [[Weber State University]] in 1966, they moved the small company to [[Phoenix, Arizona]]. Carl, and his two sons, Ronald and Jerry (vice-president), formed the company, as '''Common Market''', in Arizona, that would become Swift. Operations began in 1966 transporting imported [[steel]] from the ports of [[Los Angeles, California]] to [[Phoenix, Arizona]], and then returning with [[cotton]] from [[Arizona]] to be delivered to [[Southern California]].<ref name=ST-About>[http://www.swifttrans.com/template.asp?PageOrder=2a About Swift: Company History]. - Swift Transportation</ref> The name Swift Transportation was purchased from a descendant of the [[Swift & Company|Swift Meat Packing]] family, when the Moyes family bought the trucking assets of Swift & Company. The three Moyes's and a fourth partner, Randy Knight, grew the business to $25 million in annual revenues by 1984. Jerry became president, chairman, and CEO that same year, and when Carl died in 1985, Jerry bought out his other two partners, his brother Ronald and Randy Knight. Ronald would continue to hold shares in Swift while Randy would become a co-founder in [[Knight Transportation]].<ref name=HarrisC-AR-2004-10-30>Harris, Craig. - "Knight's Profits On a Roll - Valley-Based Trucking Firm Again Makes 'Forbes' List". - ''[[Arizona Republic]]''. - October 30, 2004. - Retrieved: 2008-07-30</ref> In April 1988 Swift purchased [[Greenville, South Carolina]]-based Cooper Motor Lines from [[Philadelphia, Pennsylvania]]-based [[Aramark|ARA Services]].<ref>Entrepreneurship Founders: [http://marriottschool.byu.edu/advisoryboard/detail.cfm?mem=1104&group=3 Jerry C. Moyes]. - [[Marriott School of Management]]. - [[Brigham Young University]]. In 1997 Swift bought a bankrupt Direct Transit Inc. based in [[South Dakota]] - Retrieved: 2008-07-30</ref> By 1990, Swift Transportation had grown to a $125 million carrier with over 800 trucks.<ref name=ST-About /> The company did an [[initial public offering]] (IPO) in 1990 and became a publicly traded entity on the [[NASDAQ]] market system under the symbol SWFT. In 1991, with money raised in the IPO, Swift bought [[Stephens City, Virginia]]-based Arthur H. Fulton Inc. for $9 million. Fulton was in [[Chapter 11 bankruptcy protection]] at the time.<ref>"Trucking Company is Made an Offer". - [[Associated Press]]. - (c/o [[Richmond Times-Dispatch]]). - July 26, 1991. - Retrieved: 2008-07-30</ref> In a similar move, in 2001 Moyes purchased all of the properties, assets, and accounts of Dick Simon Trucking, which had filed for Chapter 11 bankruptcy. Those assets were rolled into Moyes' small Central Freight Lines out of Texas, and later spun off as the separate corporate entity Central Refrigerated Service, which remained wholly owned by Moyes until its subsequent sale to and merger with Swift. The sale was announced in summer 2013, and the merger completed and operating authority officially transferred to Swift On February 1, 2014. Moyes received $180 million in cash for the sale. The company growth has continued since 1988 with the purchasing of (11) different motor carriers throughout the United States, including M.S. Carriers, of [[Memphis, Tennessee]] in 2000. The shareholders of M.S. Carriers obtained a 22% stake in the combined company.<ref>[http://findarticles.com/p/articles/mi_m0EIN/is_2000_Dec_11/ai_67925635 "Swift and M.S. Carriers Announce Merger"]. - [[Business Wire]]. - (c/o Find Articles). - December 11, 2000</ref> Moyes was about to retire, but was forced out as [[chief executive officer]] (CEO) at Swift in October 2005 after a [[United States Securities and Exchange Commission]] (SEC) investigation into [[insider trading]]. Without admitting or denying wrongdoing he paid a $1.26 million settlement. The Moyes family still controlled about 39% of the issued public stock.<ref name=DN-2007-04-30>"Swift Transportation shareholders approve buyout". - ''[[Deseret News]]''. - April 30, 2007. - Retrieved: 2008-07-30</ref><ref name=AR-2007-04-28>"Swift's Shareholders Vote Moyes - Longtime Transportation Firm Will Be Sold Back to Founder". - ''[[Arizona Republic]]''. - April 28, 2007. - Retrieved: 2008-07-30</ref> In November 2006 Moyes offered to buy Swift for $29 a share. The offer was raised to $2.4 billion ($31.55 per share) for all outstanding shares not controlled by the family and assuming $332 million in outstanding debt, the transaction was closed on May 10, 2007.<ref name=AR-2007-05-11>"Sale officially concludes for Swift Transportation". - ''[[Arizona Republic]]''. - May 11, 2007</ref> To finance the acquisition, Moyes formed Saint Acquisition Corporation, and issued $2.1 billion of a senior secured credit facility and $835 million in second-lien senior secured notes.<ref name=DN-2007-04-30 /> The company's drivers and eighty-three percent of all outstanding shares (approximately half of those controlled by the family) supported the buyout.<ref name=AR-2007-04-28 /> Swift’s terminal network grew to over forty full service facilities in both the continental United States and Mexico, but then closed a few after the 2008 financial recession. The total number of employees dropped from 21,900,<ref name=Hoovers-Swift>[http://www.hoovers.com/swift-transportation/--ID__15252--/free-co-factsheet.xhtml Swift Transportation Co., Inc.]. - Hoover's</ref> to approximately 17,700.<ref name=P424B4-2010-12-17>[http://edgar.sec.gov/Archives/edgar/data/1492691/000095012310114650/c58386b4e424b4.htm ''424B4 Prospectus'']. - Swift Transportation Company. - December 17, 2010.</ref> Swift owns 100% of Trans-Mex, a [[Nuevo Laredo]], Mexico-based carrier. Swift offers border crossing services at all major [[Mexico|Mexican]] border crossings. Swift maintains a presence in every [[Canadian Province]].<ref name=ST-About /> The company operated 16,200 units (12,300 tractors by company drivers and 3,900 owner-operator tractors), a fleet of 48,600 trailers, and 4,500 intermodal containers from 35 terminals in the United States and Mexico, generating just over $2.5 billion in revenue for the year ended December 31, 2009.<ref name=P424B4-2010-12-17/> Swift Transportation went public once again on December 16, 2010, trading on the [[New York Stock Exchange]] (NYSE).<ref>{{cite news |author=Cowan, Lynn |publisher=Dow Jones Newswires |title=Swift Transport Trading Flat After Pricing Below Range |accessdate=2011-11-25 |newspaper=[[The Wall Street Journal]] |date=December 16, 2010 }}</ref> The company offered 73,300,000 shares at $11.00 per share, raising almost $766 million, with the proceeds being used for debt reduction. The offering represented 54.9% of the company, valuing the company at $1.86 billion. Due to the economic downturn, the IPO was below Moyes leveraged-buyout (LBO) price of $17.61. With the offering the name officially change from Swift Holdings Corp. to Swift Transportation Company.<ref name=P424B4-2010-12-17/><ref>{{cite news|author1=Spears, Lee |author2=Michael Tsang |last-author-amp=yes |title=Jerry Moyes Selling at Discount to LBO in Swift IPO |accessdate=2011-11-24 |journal=[[Bloomberg L.P.]] |date=December 14, 2010}}</ref> ===Company trucks=== <gallery> Image:Truck_072.jpg | 2006 [[Volvo VN]]L670 with a 2002 [[Wabash National]] 53' DuraPlate® Dry Van Trailer Image:Truck_181.jpg|[[Freightliner Trucks|2005 Freightliner]] Columbia with a 1996 [[Wabash National]] 53' Sheet & Post Dry Van Trailer Image:Swift_flatbed_colorado.JPG|[[Freightliner Trucks|Freightliner]] Columbia with Flatbed Spread Axle trailer Image:Swift_stepdeck_at_inland_steel.JPG|[[Freightliner Group Limited|Freightliner]] Columbia with single drop flatbed (also known as a stepdeck) trailer </gallery> ==See also== *[[Largest domestic 53 foot container companies (fleet size)]] ==References== {{reflist|30em}} ==External links== * [http://www.swifttrans.com/ Swift Transportation] * [http://joinswift.com Swift Trucking Jobs] {{Trucking industry in the United States}} [[Category:Companies listed on the New York Stock Exchange]] [[Category:Companies based in Phoenix, Arizona]] [[Category:Companies established in 1966]] [[Category:Container shipping companies]] [[Category:Trucking companies of the United States]] [[Category:1966 establishments in Arizona]]'